Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is sometimes defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer typically is a company selling the insurance; and an insured typically is the person or entity buying the insurance. The insurance rate is often a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Life insurance typically provides a monetary benefit to a designated beneficiary, which typically is payable upon the death of an insured person. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Group life policies are typically insurance policies offered to a group of people who share a qualifying characteristic or membership. Most often they are offered to employees, though they may also be offered through organizations or even commercial outlets, such as credit cards or magazines and newspapers.